SSAB (SSAB) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw improved earnings and operating results, with Special Steels, Europe, and Americas divisions showing strong or stable performance.

• Net cash position at SEK 9.6 billion, with a proposed dividend of SEK 2 per share.

• Transformation projects at Oxelösund progressing on schedule; Luleå mini-mill construction paused due to contractor illness, with no material cost or timeline impact.

• Safety metrics reached all-time lows for LTIF and TRIF.

• Earnings per share rose to SEK 1.61 from SEK 1.13 year-over-year.

Financial highlights

• Q1 2026 revenue was SEK 25.3 billion, up 15% sequentially but down 1% year-over-year due to FX effects.

• EBITDA for Q1 2026 was SEK 3.2 billion, margin at 13%, up from 8% in Q4.

• Operating result for Q1 2026 was SEK 2.2 billion, up from SEK 1.4 billion in Q4.

• Shipments totaled 1,736 kt, up 15% from Q4 and 4% year-over-year.

• Cash and cash equivalents stood at SEK 21,177 million, with available credit facilities of SEK 8,129 million.

Outlook and guidance

• Q2 2026 shipments and realized prices expected to be stable or somewhat higher across all divisions.

• Raw material costs for Special Steels and Europe expected to rise slightly; Americas costs to remain stable.

• Maintenance costs for 2026 estimated at SEK 1,450 million; total capex guidance unchanged at SEK 13.5 billion.

• Working capital change in Q2 expected to be less negative; dividend payout of SEK 2 per share planned for Q2.

• Net cash flow effect from CO₂ allowances expected to be similar to 2025.